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"Governments need to steer clear of protectionism in all its forms, and history shows that import restrictions hurt everyone, especially poorer consumers," Lagarde said in a prepared speech released to the press.

"Having seen him run GE's aviation business after 9/11, I know he can execute under pressure," former GE CEO told Jeff Immelt told Reuters.

"GIFT IFSC provides huge competitive advantage in terms of tax structure and supportive regulatory framework which is comparable with other global financial centers," he said, adding that other advantages include the waiver of taxes such as the security transaction, commodity transaction, dividend distribution and capital gains taxes, as well as the goods and services tax.

"For instance, shows and performances featuring traditional Chinese arts and culture have gained massive popularity among foreign audiences. We shall continue carrying out such projects by streamlining procedures and moving things forward," said Xia Peng, an official working for local cooperation between China and Shanghai Cooperation Organization member states and based in Qingdao, Shandong province.

"Further decline of investment and consumption in July means policies need to be adjusted at a quicker pace," said Liu.